Gill, Eldar: Buying ILDC stake was a mistake

May repurchase public's shares in Sagiel

"Buying 24% of the Israel Land Development Corporation (TASE:ILDC) turned out to be a mistake. We chose the wrong partners," Roy Gill and Eitan Eldar described the end of their partnership with the Nimrodi family in ILDC, at a press conference called today.

Yesterday Gill and Eldar agreed to sell their shares in ILDC to the Barzani family of the Netherlands.

Specifically, the Barzanis are buying Yarden Investment's (TASE:YRDN) stake in ILDC at NIS 31.3 per share, compared with the market value of the shares - a mere NIS 13.7 million. But Yarden has booked the shares at NIS 46, meaning that it will still have to write off about NIS 50 million.

Gill and Eldar also disclosed that they are considering repurchasing the public's shares in Sagiel Investment (TASE:SGEL) in order to delist it. Sagiel controls Gibor Sport Holdings (TASE:GISP).